Loading...
10-20-2025 City Council Agenda and Packet Special MeetingA.12:00 P.M. - CALL TO ORDER (Pledge of Allegiance) B.GENERAL BUSINESS B.1 Approve Agreements for Avienda Apartments (Planning Project 2025-08) C.ADJOURNMENT AGENDA CHANHASSEN CITY COUNCIL MONDAY, OCTOBER 20, 2025 CITY COUNCIL CHAMBERS, 7700 MARKET BOULEVARD 1 City Council Item October 20, 2025 Item Approve Agreements for Avienda Apartments (Planning Project 2025-08) File No.Item No: B.1 Agenda Section GENERAL BUSINESS Prepared By Eric Maass, Community Development Director Reviewed By Laurie Hokkanen SUGGESTED ACTION "The Chanhassen City Council approves the attached agreements related to the Avienda Apartment development project with minor modifications as may be approved by the City Attorney." Motion Type Simple Majority Vote of members present Strategic Priority Development & Redevelopment SUMMARY The Avienda Apartments project has obtained all necessary zoning entitlements required for its construction. Aspects of the project require additional agreements between the city and developer, some of which are conditions of prior approvals. Those agreements include the following: Parking Deferment Agreement. Pursuant to city code section 20-1124.5 a total of 726 parking spaces are required for the development. The owner has approval to construct 633 parking spaces with a deferment of 93 parking spaces. If an applicant can demonstrate that the anticipated actual need for parking spaces is less than what is required by city code, the additional spaces can be deferred through a parking deferment agreement, so long as the development shows where the additional parking stalls could be constructed, still in accordance with city code. This is referred to as a "proof of parking". Through the parking deferment agreement, the City retains sole discretion to determine if the additional parking must be constructed and provides the terms for when and how that additional parking is to be constructed if deemed necessary by the City. 2 Public Pedestrian Access Easement Agreement. A condition of site plan approval is that a public trail be provided around the perimeter of the building. That trail is included on the approved plans. The public access easement agreement is the mechanism to ensure public access to that trail, as well as maintenance stipulations, are established. The City is not assuming any ongoing maintenance responsibilities of the trail. Trail and Signs Encroachment Agreement. The development project will feature wayfinding and monument signs on site as well as a trail which is open to the public through a public access easement. These encroachment agreements establish the ability and terms associated with placing those privately owned signs on private property as well as the public trail, but within a city easement. Private Road and Sidewalk Encroachment Agreement. The agreement will encompass all remaining private improvements proposed to be constructed within city drainage and utility easements as shown on the Avienda Apartments plat. Private improvements include portions of Kestral Drive, sidewalk, and parking spaces. Temporary Construction Easement Agreement - Regional Pond and Avienda Parkway. This agreement establishes terms between Level 7 Development LLC and Avienda Apartments Owner, LLC as it relates to the construction of the Avienda Regional Pond and the ability for Avienda Apartments Owner, LLC to construct the permanent regional pond in the event Level 7 Development does not construct the pond. This agreement also establishes the City of Chanhassen as a third-party beneficiary with the absolute right, but not the obligation, to exercise any and all rights, remedies, and privileges granted to the Grantee (Avienda Apartments Owner, LLC) for the purposes of constructing the regional pond in the event the other two parties do not do so. Temporary Construction Easement Agreement - Temporary Stormwater Pond. This agreement establishes terms between Level 7 Development LLC and Avienda Apartments Owner LLC as it relates to the ability to temporarily discharge, drain, and convey stormwater runoff both during and after construction into the temporary stormwater pond. This is a condition of city plat approval. This agreement also establishes the City of Chanhassen as a third-party beneficiary with the absolute right, but not the obligation, to exercise any and all rights, remedies, and privileges granted to the Grantee (Avienda Apartments Owner, LLC) for the purposes of constructing the temporary stormwater pond in the event the other two parties do not do so. Temporary Drainage Easement Agreement - Temporary Stormwater Pond. This agreement establishes terms between Level 7 Development, LLC and Avienda Apartments Owner, LLC for the granting of a temporary easement for the purposes of discharging, draining, and conveying stormwater runoff, both during and after construction, from the Avienda Apartments Owner, LLC property over, across, and through the established easement area. Permanent Drainage and Utility Easement. This document grants the City a permanent drainage and utility easement for public drainage and utility purposes over portions of the Plat of Avienda Apartments. Third Amendment and Declaration Estoppel to Reciprocal Easements and Operating Agreement (REOA). As a property owner within Avienda the City is party to any agreements which alters the shared REOA. This agreement modifies the REOA to incorporate common area improvements associated with the Avienda Apartments project. 3 Declaration Estoppel to Reciprocal Easements and Operating Agreement (REOA). As a property owner within Avienda the City is party to any agreements which alters the shared REOA. This declaration estoppel certifies that the city to the best of its actual knowledge that its property is in compliance with and has not defaulted on the terms of the REOA. Temporary Stormwater Maintenance Agreement - This is a standard agreement required by the city to establish maintenance responsibilities associated with private stormwater infrastructure. BACKGROUND DISCUSSION BUDGET RECOMMENDATION Staff recommends approval of the attached agreements subject to revisions as may be approved by the City Manager and City Attorney. ATTACHMENTS Parking Deferment Agreement Permanent Drainage and Utility Easement Agreement Temporary Construction Easement Agreement - Temporary Pond Temporary Drainage Easement Agreement Temporary Construction Easement Agreement - Regional Pond and Avienda Parkway Declaration Estoppel for Reciprocal Easements and Operating Agreement Public Pedestrian Access Easement Trail and Signs Encroachment Agreement Third Amendment to Reciprocal Easements and Operating Agreement Temporary Stormwater Maintenance Agreement Private Road and Sidewalk Encroachment Agreement 4 236689v5 PARKING DEFERMENT AGREEMENT THIS PARKING DEFERMENT AGREEMENT (the “Agreement”) dated ______________, 2025, is entered into by and between the CITY OF CHANHASSEN, a Minnesota municipal corporation (“City”), and AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company (“Owner”). RECITALS A. Owner is the fee owner of certain real property located in the City of Chanhassen, Carver County, Minnesota and legally described as: Lot 1, Block 1, Avienda Apartments, according to the recorded plat thereof, Carver County, Minnesota. (the “Subject Property”). B. Owner is constructing a 412-unit multi-family apartment on the Subject Property (the “Development”). C. Pursuant to Section 20-1124.5 of the City Zoning Ordinance in and for the City of Chanhassen, 726 parking spaces are required for the Development on the Subject Property. The Owner is constructing 633 parking spaces on the Subject Property. The Owner is requesting deferment for 93 parking spaces (the “Proof of Parking”). D. Owner has demonstrated that: (i) the Development will have a parking demand less than the required parking under Section 20-1124.5 of the Zoning Ordinance and (ii) the Subject Property has sufficient property area under the same ownership to accommodate expansion of parking facilities to meet minimum requirements of the Zoning Ordinance if the parking demand exceeds the actual on-site supply. 5 236689v5 NOW, THEREFORE, in consideration of the recitals set forth above and the terms and conditions herein, Owner and the City agree as follows: 1. Parking shall only occur in areas designated and constructed for parking in accordance with the Zoning Ordinance. 2. Owner hereby unconditionally guarantees to City that it shall construct the necessary number of additional parking spaces upon the Subject Property in accordance with the Zoning Ordinance if the parking demand for the Subject Property exceeds the actual on-site parking supply and that concrete curb, gutter, and sidewalk affected by the additional parking spaces must be installed at the time the additional spaces are striped for parking. 3. When the City, in its sole but reasonable discretion, determines that the parking demand by residents of the Property exceeds the number of constructed parking spaces, the City may terminate the parking deferment granted herein and require Owner, upon written notice from the City, to construct the number of additional parking spaces reasonably necessary to meet parking demand (but not to exceed 93 additional parking spaces), the construction of which has been deferred pursuant to this Agreement, and install concrete curb, gutter, and sidewalk affected at the time those additional (up to) 93 spaces are striped for parking. The City must provide written notice to Owner with facts and findings to support their request to construct the additional parking spaces. Owner has 60 days to appeal the findings with evidential support if they disagree with the City’s facts and findings (in the event there is off site retail parking on Owner’s site causing the increased parking demand, etc.). Owner may outright appeal the findings or suggest a construction of a lesser amount of additional parking spaces. If Owner appeals the staff’s findings to construct the additional parking, the City must review the appeal within 30 days and make the final determination. If Owner does not appeal the findings of the City, Owner must construct the required number of parking spaces (including concrete curb, gutter, and sidewalk) within twelve (12) months after so requested by the City. If Owner appeals the findings of the City and is not successful in its appeal, Owner must construct the required number of parking spaces (including concrete curb, gutter, and sidewalk) within twelve (12) months after receiving written notice of the City’s determination on the appeal. If the Developer fails to construct the required number of parking spaces (including concrete curb, gutter, and sidewalk within the required timeframe, the City may rescind the certificate of occupancy for the building located on the Subject Property. 4. In the event that the City requires the construction of any portion of the Proof of Parking that, upon construction, will require Owner to remove or relocate any portion of sidewalks or trails on the Subject Property which are subject to an easement granted by Owner in favor of the City, the City shall cooperate with Owner in relocating such sidewalk or trails and recording an amendment to the relevant easement agreement. 5. Miscellaneous. A. Third parties shall have no recourse against the City under this Agreement. 6 236689v5 B. If any portion, section, subsection, sentence, clause, sentence, paragraph, or phrase of this Agreement is for any reason held invalid, such decision shall not affect the validity of the remaining portion of this Agreement. C. The action or inaction of the City shall not constitute a waiver or amendment to the provisions of this Agreement. To be binding, amendments or waivers shall be in writing, signed by the parties and approved by written resolution of the City Council. The City's failure to promptly take legal action to enforce this Agreement shall not be construed as a waiver or release of any term or condition herein. D. This Agreement shall run with the land and may be recorded against the title to the Subject Property. E. Required notices shall be in writing and shall be either hand delivered to the Developer, its successors, and assigns, or mailed to Owner by certified mail at the following address: 7803 Glenroy Rd., Suite 200, Bloomington, MN 55439 Attn: Legal Department. Notices to the City shall be in writing and shall be either hand delivered to the City Administrator or mailed by certified mail in care of the City Administrator at the following address: 770 Market Boulevard, Chanhassen MN 55317. F. Upon request of Owner, the City shall execute and deliver to Owner an estoppel certificate in a form that is reasonable and customary, certifying that, (a) to the knowledge of the City, Owner is not in default of its performance under this Agreement, (b) that this Agreement is unmodified and in full force and effect, or if there have been any modifications or amendments, then the certification shall state that this Agreement is in full force and effect, as modified, and shall specify the nature and date of such modification, and (c) a certification as to any other matters than may reasonably be requested in connection with this Agreement. The City shall complete, sign, and return the estoppel certificate to Owner within fifteen (15) days after receiving a written request to sign the estoppel certificate from Owner. {The remainder of this page is intentionally left blank. Signature pages to follow.} 7 236689v5 [Signature Page to Parking Deferment Agreement] CITY OF CHANHASSEN BY: Elise Ryan, Mayor (SEAL) AND: Laurie Hokkanen, City Manager STATE OF MINNESOTA) (ss. COUNTY OF CARVER ) The foregoing instrument was acknowledged before me this day of October, 2025, by Elise Ryan, Mayor, and by Laurie Hokkanen, City Manager, of the City of Chanhassen, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted by its City Council. NOTARY PUBLIC 8 236689v5 [Signature Page to Parking Deferment Agreement] AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company By: Avienda Apartments Venture, LLC, a Delaware limited liability company Its: Sole Member By: IDP Avienda, LLC, a Minnesota limited liability company Its: Managing Member By: Anne Behrendt Its: Authorized Signer STATE OF MINNESOTA ) )ss. COUNTY OF HENNEPIN ) The foregoing instrument was acknowledged before me this ______ day of October, 2025, by Anne Behrendt, as Authorized Signatory of IDP Avienda, LLC, a Minnesota limited liability company, as Managing Member of Avienda Apartments Venture, LLC, a Delaware limited liability company, as Sole Member of AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company, on behalf of the entity. ___________________________________ Notary Public DRAFTED BY: City of Chanhassen 7700 Market Boulevard P.O. Box 147 Chanhassen, MN 55317 (952) 227-1100 9 237547v3 (Reserved for recording) GRANT OF PERMANENT EASEMENT FOR DRAINAGE AND UTILITY PURPOSES AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company ("Grantor"), in consideration of One Dollar ($1.00) and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, does hereby grant unto the CITY OF CHANHASSEN, a Minnesota municipal corporation, the Grantee, hereinafter referred to as the "City", its successors and assigns, forever, a permanent easement for public drainage and utility purposes over, on, across, under and through the land situated in the County of Carver, State of Minnesota, legally described on the attached Exhibit “A” and depicted on the attached Exhibit “B” (the "Easement Property") (the "Easement”). The Easement Property is also shown as the “Drainage and Utility Easement” on the Plat of Avienda Apartments, to be recorded of even date herewith. 1. Subject to the obligations and limitations specified in Section 2 below, the Easement granted herein shall include the following rights of the City, its contractors, agents, servants, and assigns:(a) to enter upon the Easement Property at all reasonable times to construct, reconstruct, inspect, repair, and maintain said public drainage and utility systems over, across, on, under, and through the Easement Property, (b) to grade, level, fill, drain, pave, and excavate the Easement Property, and (c) the further right to remove trees, bushes, undergrowth, and other obstructions interfering with the location, construction, and maintenance of said public drainage and utility systems. 10 237547v3 2. Notwithstanding anything to the contrary contained herein, Grantor reserves the right to use and enjoy the Subject Property, including the Easement Property, for all purposes not inconsistent with the permitted uses thereof by the City. 3. As of the date of this instrument, the above-named Grantor, for itself, successors and assigns, represents and warrants to the City, that it is well seized in fee title of the Easement Property and that it has the sole right to grant and convey the Easement to the City. Grantor agrees that it will indemnify and hold the City harmless for any breach of the foregoing representations and warranties. IN TESTIMONY WHEREOF, the Grantor hereto has signed this easement this _____ day of ______________, 202__. GRANTOR: AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company By: Avienda Apartments Venture, LLC, a Delaware limited liability company Its: Sole Member By: IDP Avienda, LLC, a Minnesota limited liability company Its: Managing Member By: Anne Behrendt Its: Authorized Signatory STATE OF MINNESOTA ) )ss. COUNTY OF ____________ ) The foregoing instrument was acknowledged before me this ______ day of ______________, 20__, by Anne Behrendt, as Authorized Signatory of IDP Avienda, LLC, a Minnesota limited liability company, as Managing Member of Avienda Apartments Venture, LLC, a Delaware limited liability company, as Sole Member of AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company, on behalf of the entity. ___________________________________ Notary Public 11 237547v3 12 237547v3 IN TESTIMONY WHEREOF, the Grantee hereto has signed this easement this _____ day of ______________, 202__. GRANTEE: CITY OF CHANHASSEN, a Minnesota municipal corporation By Elise Ryan, Mayor By Laurie Hokkanen, City Manager STATE OF MINNESOTA ) )ss. COUNTY OF ____________ ) The foregoing instrument was acknowledged before me this ______ day of ______________, 20__, by Elise Ryan and Laurie Hokkanen, the Mayor and City Manager, respectively, of the CITY OF CHANHASSEN, a Minnesota municipal corporation, for and on behalf of said municipal corporation and pursuant to the authority granted by its City Council. ___________________________________ Notary Public THIS INSTRUMENT WAS DRAFTED BY: CAMPBELL KNUTSON Professional Association Grand Oak Office Center I 860 Blue Gentian Road, Suite 290 Eagan, Minnesota 55121 Telephone: (651) 452-5000 AMP 13 237547v3 EXHIBIT “A” TO GRANT OF PERMANENT EASEMENT 14 237547v3 EXHIBIT “B” TO GRANT OF PERMANENT EASEMENT 15 177002572v3 1 DOCSOPEN\AK105\32B\1055077.v3-10/15/25 TEMPORARY CONSTRUCTION EASEMENT AGREEMENT (Temporary Stormwater Pond; Private Roadway and Sidewalk) THIS TEMPORARY CONSTRUCTION EASEMENT AGREEMENT (this “Agreement”) is made and entered into effective as of October ____, 2025 (the “Effective Date”) by LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company (“Grantor”), and AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company (“Grantee”). WITNESSETH: WHEREAS, Grantor owns that certain parcel of real property located in Carver County, Minnesota, legally described on Exhibit A attached hereto and made a part hereof (the “Grantor Property”); WHEREAS, concurrently herewith, Grantee has purchased from Grantor, and is the owner of, that certain parcel of real property located in Carver County, Minnesota, legally described on Exhibit B attached hereto and made a part hereof (the “Grantee Property”), lying contiguous to the Grantor Property; WHEREAS, in connection with Grantee’s acquisition of the Grantee Property from Grantor, and Grantee’s development of the Grantee Property: (i) Grantor has agreed to construct a temporary stormwater retention pond and related improvements over and across that portion of the Grantor Property depicted on Exhibit C attached hereto (the “Temporary Pond”); and (ii) Grantee has agreed, pursuant to Development Contract (defined below), to construct certain private roadway and sidewalk improvements which are to be located, in part, on the Grantor Property as depicted on Exhibit D attached hereto (the “Private Roadway and Sidewalk”); and WHEREAS, in connection with Grantee’s development of the Grantee Property and as a condition of its final plat approval by the City of Chanhassen (“City”), Grantee requires a temporary construction easement over and across the Grantor Property, and Grantor desires to grant to Grantee the easement described herein over and across the Grantor Property, subject to the terms and conditions of this Agreement. NOW, THEREFORE, in consideration of the sum of Ten and No/100 Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, and of the mutual covenants and terms set forth herein, Grantor and Grantee agree as follows: 16 177002572v3 2 DOCSOPEN\AK105\32B\1055077.v3-10/15/25 1. Recitals. The foregoing Recitals are hereby incorporated into this Agreement by reference as substantive provisions hereof. 2. Grant of Easement; Conditions Precedent to Exercise. Grantor hereby grants and conveys to Grantee, its successors, assigns, employees, agents, and contractors, a temporary, non-exclusive easement (the “Easement”) over, across, and upon the Grantor Property for the purpose of constructing the Temporary Pond and the Private Roadway and Sidewalk (each an “Improvement” and collectively the “Improvements”), as applicable, subject to the terms and conditions set forth herein. Grantee’s rights under this Agreement with respect to the Temporary Pond are expressly conditioned upon the occurrence of the following: (a) the failure of Grantor to commence, diligently pursue, and/or complete within a reasonable time, or pursuant to any project schedule agreed to by the parties, the construction of the Temporary Pond; (b) Grantee has provided Grantor with written notice specifying the nature of such failure; and (c) Grantor has failed to cure such failure within ten (10) business days following its receipt of said written notice. Upon the satisfaction of these conditions, Grantee shall have the immediate right, but not the obligation, to exercise the rights granted herein with respect to the Temporary Pond. For the avoidance of doubt, Grantee may exercise its rights hereunder independently, from time to time, with respect to each Improvement and the foregoing conditions precedent shall not apply to Grantee’s exercise of its rights hereunder with respect to Grantee’s construction of the Private Roadway and Sidewalk. Grantor shall not (x) interfere with Grantee’s exercise of its rights hereunder, or (y) grant or convey any easement or occupancy rights with respect to the Grantor Property which are inconsistent with, or may frustrate or cause interference with, the exercise of Grantee’s rights hereunder. 3. Purpose and Ancillary Rights. Upon the satisfaction of the conditions precedent in Section 2 above, as applicable, the Easement shall be for the purpose of constructing any or all of the Improvements. The rights granted shall include all rights and privileges reasonably necessary for the full use and enjoyment of the Easement for its intended purpose, including, without limitation, the following: 3.1 The right to enter upon the Grantor Property to perform construction of the applicable Improvements; 3.2 The right to stage, store, and access equipment, vehicles, materials, and personnel reasonably required for Grantee’s construction activities; and 3.3 The right to undertake all necessary site work, including but not limited to grading, excavation, soil management, utility installation, and the installation of all related facilities and infrastructure. 3.4 The right to control the area where construction of the applicable Improvements is taking place, and the immediately surrounding areas used for staging and related construction activities, and to impose reasonably safety rules and regulations, erect barriers around the construction site(s), and take such other precautionary safety measures as Grantee reasonably requires. 4. Grantee’s Covenants. In connection with any exercise of its rights hereunder, Grantee covenants and agrees as follows: 4.1 Grantee shall perform, or cause to be performed, all construction of the Improvements in a good and workmanlike manner and in compliance with all applicable federal, state, and local laws, statutes, ordinances, codes, rules, and regulations, including all applicable permits and governmental approvals. 17 177002572v3 3 DOCSOPEN\AK105\32B\1055077.v3-10/15/25 4.2 Grantee shall not suffer or permit any mechanic's, materialmen's, or other liens to be filed against the Grantor's Property, or any part thereof, by reason of any work, labor, services, or materials performed or furnished by or on behalf of Grantee. If any such lien is filed, Grantee shall, within thirty (30) days of receiving notice of such filing, cause the same to be discharged and released of record, or, in the alternative, provide a bond or other commercially reasonably security against the enforcement of any such lien. 4.3 Grantee shall indemnify, defend, and hold harmless Grantor and its officers, directors, employees, agents, successors, and assigns (collectively, the “Grantor Indemnified Parties”) from and against any and all claims, dema nds, liabilities, losses, damages, costs, and expenses, including, without limitation, reasonable attorneys’ fees and court costs (collectively, “Claims”), arising out of or in connection with Grantee’s or its contractors’, agents’, or employees’ entry upon the Grantor's Property or the performance of the Improvements, but expressly excluding any Claims to the extent caused by the gross negligence or willful misconduct of the Grantor Indemnified Parties, or any of them. 5. City as Third-Party Beneficiary. Grantor and Grantee acknowledge and agree that the City is an intended third-party beneficiary of this Agreement. In the event Grantor and/or Grantee fail to construct the Improvements in accordance with the requirements of that certain Avienda Apartments - Development Contract dated as of event date herewith (the “Development Contract”), and provided the terms of the Development Contract permit the City to do so, the City shall have the absolute right, but not the obligation, to exercise any and all rights, remedies, and privileges granted to Grantee under this Agreement for the purpose of completing the Improvements. This Section 5 shall not be amended, modified, or terminated without the prior written consent of the City. 6. Duration and Termination. This Easement is temporary and shall automatically terminate and be of no further force or effect upon the date that all of the Improvements have been fully constructed and made operational to serve both the Grantee Property and the Grantor Property, accepted by the City of Chanhassen, and the relevant warranty maintenance bond or letter of credit (as provided in Exhibit B, Section 4 of the Development Contract) has been fully released. Upon such completion, Grantor shall provide Grantee with written notice of termination, and the Grantor and Grantee shall, upon request of either party, execute and record an instrument in the Office of the County Recorder in and for Carver County, Minnesota to formally document the termination of this Easement, which termination shall be effective without the necessity of execution of such instrument by the City, notwithstanding the provisions of Section 5 of this Easement. 7. Successors and Assigns; No Merger. This Agreement runs with the land and inures to the benefit of and is binding on Grantor and Grantee and their respective successors and assigns until terminated pursuant to Section 6 above. Limited use or non-use of the rights granted herein shall not be deemed a complete or partial abandonment of the Easement and the Easement shall not be extinguished by, merged into, modified or otherwise deemed affected by any other interest or estate in the Grantor Property now or hereafter held by Grantee, its successors or assigns. 8. Attorneys’ Fees. In any action commenced under this Agreement, the prevailing party in such action may recover its reasonable attorneys’ fees from the non-prevailing party. 9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. 10. Authority. Grantor represents and warrants to Grantee, its successors, and assigns, that Grantor is the owner of the Grantor Property and has the right to grant the Easement herein described. 18 177002572v3 4 DOCSOPEN\AK105\32B\1055077.v3-10/15/25 11. Amendment or Modification. No amendment or modification of this Agreement shall be effective unless made by written instrument signed by Grantor and Grantee, or their respective successors and assigns, and consented to by the City in writing. 12. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and together shall constitute one and the same agreement. 13. Severability. If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the remainder of such provision or any other provisions hereof. 14. Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations, understandings and agreements, whether written or oral. [Remainder of Page Left Blank – Signature Pages Follow] 19 177002572v3 DOCSOPEN\AK105\32B\1055077.v3-10/15/25 IN WITNESS WHEREOF, Grantor has executed this Agreement effective as of the day and year first set forth above. GRANTOR: LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company By: Its: STATE OF ) ) ss. COUNTY OF ) This instrument was acknowledged before me on the _____ day of October, 2025, by ______________________________ as ___________________ of LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company, for and on behalf of said limited liability company. Notary Public 20 177002572v3 DOCSOPEN\AK105\32B\1055077.v3-10/15/25 IN WITNESS WHEREOF, Grantee has executed this Agreement effective as of the day and year first set forth above. GRANTEE: AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company By: Avienda Apartments Venture, LLC, a Delaware limited liability company Its: Sole Member By: IDP Avienda, LLC, a Minnesota limited liability company Its: Managing Member By: Anne Behrendt Its: Authorized Signer STATE OF MINNESOTA ) ) ss. COUNTY OF HENNEPIN ) This instrument was acknowledged before me on the _____ day of October, 2025, by Anne Behrendt, as Authorized Signer of IDP Avienda, LLC, a Minnesota limited liability company, as Managing Member of Avienda Apartments Venture, LLC, a Delaware limited liability company, as Sole Member of AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company, for and on behalf of said limited liability company. Notary Public This Instrument Drafted By: Taft Stettinius & Hollister LLP 2200 IDS Center 80 South Eighth Street Minneapolis, Minnesota 55402 21 177002572v3 DOCSOPEN\AK105\32B\1055077.v3-10/15/25 MORTGAGE HOLDER CONSENT TO TEMPORARY CONSTRUCTION EASEMENT AGREEMENT (Temporary Stormwater Pond) THIS CONSENT TO TEMPORARY CONSTRUCTION EASEMENT AGREEMENT, made this _______ day of October, 2025, is granted by TRADITION CAPITAL BANK, a Minnesota banking corporation. For One Dollar and other good and sufficient consideration, in hand received, Tradition Capital Bank, which holds a Combination Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Financing Statement dated July 1, 2021, recorded July 2, 2021, as Document No. A728034, executed by Level 7 Development, LLC, a Minnesota limited liability company, as amended, on the property legally described in the foregoing Temporary Construction Easement Agreement, hereby consents to the foregoing Temporary Construction Easement Agreement and agrees to be bound by all the terms and conditions contained therein. TRADITION CAPITAL BANK By: Patrick Kasid, Senior Vice President STATE OF MINNESOTA ) )ss. COUNTY OF __________ ) The foregoing instrument was acknowledged before me this _____ day of October, 2025, by Patrick Kasid, the Senior Vice President of Tradition Capital Bank, a Minnesota banking corporation, on behalf of said entity. ___________________________________ Notary Public 22 177002572v3 A-1 DOCSOPEN\AK105\32B\1055077.v3-10/15/25 EXHIBIT A (Legal Description of Grantor Property) Outlot A, Avienda Apartments, according to the recorded plat thereof, Carver County, Minnesota. 23 177002572v3 B-1 DOCSOPEN\AK105\32B\1055077.v3-10/15/25 EXHIBIT B (Legal Description of Grantee Property) Lot 1, Block 1, Avienda Apartments, according to the recorded plat thereof, Carver County, Minnesota. 24 177002572v3 C-1 DOCSOPEN\AK105\32B\1055077.v3-10/15/25 EXHIBIT C (Depiction of Temporary Pond) 25 177002572v1 C-1 DOCSOPEN\AK105\32B\1055077.v3-10/15/25 EXHIBIT D (Depiction of Private Roadway and Sidewalk) 26 176831033v2 1 TEMPORARY DRAINAGE EASEMENT AGREEMENT (Temporary Stormwater Pond) THIS TEMPORARY DRAINAGE EASEMENT AGREEMENT (this “Agreement”) is made and entered into effective as of October ____, 2025 (the “Effective Date”) by LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company (“Grantor”), and AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company (“Grantee”). WITNESSETH: WHEREAS, Grantor owns that certain parcel of real property located in Carver County, Minnesota, legally described on Exhibit A attached hereto and made a part hereof (the “Grantor Property”); WHEREAS, concurrently herewith, Grantee has purchased from Grantor, and is the owner of, that certain parcel of real property located in Carver County, Minnesota, legally described on Exhibit B attached hereto and made a part hereof (the “Grantee Property”), lying contiguous to the Grantor Property; and WHEREAS, in connection with Grantee’s development of the Grantee Property and as a condition of its final plat approval by the City of Chanhassen (“City”), Grantee requires a temporary drainage easement over and across that portion of the Grantor Property depicted on Exhibit C attached hereto (the “Easement Area”), and Grantor desires to grant to Grantee the easement described herein over and across the Easement Area, subject to the terms and conditions of this Agreement. NOW, THEREFORE, in consideration of the sum of Ten and No/100 Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, and of the mutual covenants and terms set forth herein, Grantor and Grantee agree as follows: 1. Recitals. The foregoing Recitals are hereby incorporated into this Agreement by reference as substantive provisions hereof. 2. Grant of Easement. Grantor hereby grants and conveys to Grantee, its successors, assigns, employees, agents, and contractors, a temporary, non-exclusive easement (the “Easement”) for the purpose of discharging, draining, and conveying stormwater runoff, both during and after construction, from the Grantee Property over, across, and through the Easement Area. 27 176831033v2 2 3. Purpose and Ancillary Rights. The rights granted herein shall include all rights and privileges reasonably necessary for the full use and enjoyment of the Easement for its intended purpose. These rights shall expressly include, without limitation, the following: 3.1 The right to construct, install, operate, maintain, inspect, repair, replace, and remove drainage pipes, ditches, swales, and other related facilities and improvements (the “Drainage Facilities”) within the Easement Area, and over those portions of the Grantor Property lying between the Grantee Property and the Easement Area, as are reasonably necessary to facilitate the drainage of stormwater from the Grantee Property to the Easement Area; and 3.2 The right to enter upon the Grantor Property for the purposes of exercising the rights granted in this Agreement, including the right to bring necessary equipment and materials onto the Grantor Property, including the Easement Area. 4. Duration and Termination. This Easement is temporary in nature and shall automatically terminate and be of no further force or effect upon the date that Grantor, or its successor or assign acting in the capacity of “Operator” under the terms of that certain Avienda Declaration of Reciprocal Easements and Operating Agreement dated as of December 29, 2022, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on December 29, 2022 as Document No. A756037, as amended by that certain First Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated May 21, 2025, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on May 22, 2025 as Document No. A786585, as further amended by that certain Second Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated September 4, 2025, and recorded in the Office of the County Recorder in and for Carver County, Minne sota on September 5, 2025 as Document No. A790584, and as further amended by that certain Third Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated ____________________, 2025, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on ____________________, 2025 as Document No. ____________________ (collectively, the “Declaration”), certifies to Grantee and to the appropriate governmental authorities, as applicable, that the permanent stormwater retention pond contemplated thereunder (the “Regional Pond”) has been completed and is operational to serve both the Grantee Property and the Grantor Property and approved by the City, together with such Drainage Facilities as are reasonably necessary to facilitate the drainage of stormwater from the Grantee Property to the Regional Pond. Upon such completion, Grantor shall provide Grantee with written notice of termination, and the parties shall, upon request of either party, execute and record an instrument in the Office of the County Recorder in and for Carver County, Minnesota to formally document the termination of this Easement, subject to written approval by the City. 5. Successors and Assigns; No Merger. This Agreement runs with the land and inures to the benefit of and is binding on Grantor and Grantee and their respective successors and assigns until terminated pursuant to Section 4 above. Limited use or non-use of the rights granted herein shall not be deemed a complete or partial abandonment of the Easement and the Easement shall not be extinguished by, merged into, modified or otherwise deemed affected by any other interest or estate in the Easement Area now or hereafter held by Grantee, its successors or assigns. 6. Attorneys’ Fees. In any action commenced under this Agreement, the prevailing party in such action may recover its reasonable attorneys’ fees from the non-prevailing party. 7. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. 28 176831033v2 3 8. Authority. Grantor represents and warrants to Grantee, its successors, and assigns, that Grantor is the owner of the Grantor Property and has the right to grant the Easement herein described. 9. Amendment or Modification. No amendment or modification of this Agreement shall be effective unless made by written instrument signed by Grantor and Grantee, or their respective successors and assigns, and consented to by the City in writing. 10. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and together shall constitute one and the same agreement. 11. Severability. If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the remainder of such provision or any other provisions hereof. 12. Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations, understandings and agreements, whether written or oral. [Remainder of Page Left Blank – Signature Pages Follow] 29 176831033v2 IN WITNESS WHEREOF, Grantor has executed this Agreement effective as of the day and year first set forth above. GRANTOR: LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company By: Its: STATE OF ) ) ss. COUNTY OF ) This instrument was acknowledged before me on the _____ day of October, 2025, by ______________________________ as ___________________ of LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company, for and on behalf of said limited liability company. Notary Public 30 176831033v2 IN WITNESS WHEREOF, Grantee has executed this Agreement effective as of the day and year first set forth above. GRANTEE: AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company By: Avienda Apartments Venture, LLC, a Delaware limited liability company Its: Sole Member By: IDP Avienda, LLC, a Minnesota limited liability company Its: Managing Member By: Anne Behrendt Its: Authorized Signer STATE OF MINNESOTA ) ) ss. COUNTY OF HENNEPIN ) This instrument was acknowledged before me on the _____ day of October, 2025, by Anne Behrendt, as Authorized Signer of IDP Avienda, LLC, a Minnesota limited liability company, as Managing Member of Avienda Apartments Venture, LLC, a Delaware limited liability company, as Sole Member of AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company, for and on behalf of said limited liability company. Notary Public This Instrument Drafted By: Taft Stettinius & Hollister LLP 2200 IDS Center 80 South Eighth Street Minneapolis, Minnesota 55402 31 176831033v2 MORTGAGE HOLDER CONSENT TO TEMPORARY DRAINAGE EASEMENT AGREEMENT (Temporary Stormwater Pond) THIS CONSENT TO TEMPORARY DRAINAGE EASEMENT AGREEMENT, made this _______ day of October, 2025, is granted by TRADITION CAPITAL BANK, a Minnesota banking corporation. For One Dollar and other good and sufficient consideration, in hand received, Tradition Capital Bank, which holds a Combination Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Financing Statement dated July 1, 2021, recorded July 2, 2021, as Document No. A728034, executed by Level 7 Development, LLC, a Minnesota limited liability company, as amended, on the property legally described in the foregoing Temporary Drainage Easement Agreement, hereby consents to the foregoing Temporary Drainage Easement Agreement and agrees to be bound by all the terms and conditions contained therein. TRADITION CAPITAL BANK By: Patrick Kasid, Senior Vice President STATE OF MINNESOTA ) )ss. COUNTY OF __________ ) The foregoing instrument was acknowledged before me this _____ day of October, 2025, by Patrick Kasid, the Senior Vice President of Tradition Capital Bank, a Minnesota banking corporation, on behalf of said entity. ___________________________________ Notary Public 32 176831033v2 A-1 EXHIBIT A (Legal Description of Grantor Property) Outlot A, Avienda Apartments, according to the recorded plat thereof, Carver County, Minnesota. 33 176831033v2 B-1 EXHIBIT B (Legal Description of Grantee Property) Lot 1, Block 1, Avienda Apartments, according to the recorded plat thereof, Carver County, Minnesota. 34 176831033v2 C-1 EXHIBIT C (Depiction of Easement Area) 35 176832713v3 1 DOCSOPEN\AK105\32B\1055079.v2-10/15/25 TEMPORARY CONSTRUCTION EASEMENT AGREEMENT (Regional Pond & Avienda Parkway Extension) THIS TEMPORARY CONSTRUCTION EASEMENT AGREEMENT (this “Agreement”) is made and entered into effective as of October ____, 2025 (the “Effective Date”) by LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company (“Grantor”), and AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company (“Grantee”). WITNESSETH: WHEREAS, Grantor owns that certain parcel of real property located in Carver County, Minnesota, legally described on Exhibit A attached hereto and made a part hereof (the “Grantor Property”); WHEREAS, concurrently herewith, Grantee has purchased from Grantor, and is the owner of, that certain parcel of real property located in Carver County, Minnesota, legally described on Exhibit B attached hereto and made a part hereof (the “Grantee Property”), lying contiguous to the Grantor Property; WHEREAS, the Grantor Property and the Grantee Property, along with other real property, are subject to that certain Avienda Declaration of Reciprocal Easements and Operating Agreement dated as of December 29, 2022, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on December 29, 2022 as Document No. A756037, as amended by that certain First Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated May 21, 2025, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on May 22, 2025 as Document No. A786585, as further amended by that certain Second Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated September 4, 2025, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on September 5, 2025 as Document No. A790584, and as further amended by that certain Third Amendment to Avienda Declaration of Reciprocal Easemen ts and Operating Agreement dated ____________________, 2025, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on ____________________, 2025 as Document No. ____________________ (collectively, the “Declaration”); WHEREAS, Grantee intends to construct either or both (1) a permanent regional stormwater pond and all associated utility lines and infrastructure located on the Grantor Property for the use and benefit of the Grantor Property and the Grantee Property (the “Regional Pond”) and/or the extension of the Avienda Parkway right of way from the roundabout north of the Grantee Property to the east in the location as approximately depicted on Exhibit C attached hereto (the “Avienda Parkway Extension”); and 36 176832713v3 2 DOCSOPEN\AK105\32B\1055079.v2-10/15/25 WHEREAS, in connection with Grantee’s development of the Grantee Property and as a condition of its final plat approval by the City of Chanhassen (“City”), Grantee requires a temporary construction easement over and across the Grantor Property, and Grantor desires to grant to Grantee the easement described herein over and across the Grantor Property, subject to the terms and conditions of this Agreement. NOW, THEREFORE, in consideration of the sum of Ten and No/100 Dollars ($10.00), the receipt and sufficiency of which is hereby acknowledged, and of the mutual covenants and terms set forth herein, Grantor and Grantee agree as follows: 1. Recitals. The foregoing Recitals are hereby incorporated into this Agreement by reference as substantive provisions hereof. 2. Grant of Easement; Conditions Precedent to Exercise. Grantor hereby grants and conveys to Grantee, its successors, assigns, employees, agents, and contractors, a temporary, non -exclusive easement (the “Easement”) over, across, and upon the Grantor Property, subject to the terms and conditions set forth herein. Grantee’s rights under this Agreement are expressly conditioned upon the occurrence of the following: (a) the failure of Grantor to commence, diligently pursue, and/or complete within a reasonable time, or pursuant to any project schedule agreed to by the parties, the construction of the Regional Pond or Avienda Parkway Extension (each an “Improvement” and collectively the “Improvements”); (b) Grantee has provided Grantor with written notice specifying the nature of such failure; and (c) Grantor has failed to cure such failure within ten (10) business days following its receipt of said written notice. Upon the satisfaction of these conditions, Grantee shall have the immediate right, but not the obligation, to exercise the rights granted herein. For the avoidance of doubt, Grantee may exercise its rights hereunder independently, from time to time, with respect to each Improvement. Grantor shall not (x) interfere with Grantee’s exercise of its rights hereunder, or (y) grant or convey any easement or occupancy rights with respect to the Grantor Property which are inconsistent with, or may frustrate or cause interference with, the exercise of Grantee’s rights hereunder. 3. Purpose and Ancillary Rights. Upon the satisfaction of the conditions precedent in Section 2 above, the Easement shall be for the purpose of constructing any or all of the Improvements which Grantor failed to commence, diligently pursue, and/or complete. The rights granted shall include all rights and privileges reasonably necessary for the full use and enjoyment of the Easement for its intended purpose, including, without limitation, the following: 3.1 The right to enter upon the Grantor Property to perform construction of the applicable Improvements; 3.2 The right to stage, store, and access equipment, vehicles, materials, and personnel reasonably required for Grantee’s construction activities; and 3.3 The right to undertake all necessary site work, including but not limited to grading, excavation, soil management, utility installation, and the installation of all related facilities and infrastructure. 3.4 The right to control the area where construction of the applicable Improvements is taking place, and the immediately surrounding areas used for staging and related construction activities, and to impose reasonably safety rules and regulations, erect barriers around the construction site(s), and take such other precautionary safety measures as Grantee reasonably requires. 37 176832713v3 3 DOCSOPEN\AK105\32B\1055079.v2-10/15/25 4. Grantee’s Covenants. In connection with any exercise of its rights hereunder, Grantee covenants and agrees as follows: 4.1 Grantee shall perform, or cause to be performed, all construction of the Improvements in a good and workmanlike manner and in compliance with all applicable federal, state, and local laws, statutes, ordinances, codes, rules, and regulations, including all applicable permits and governmental approvals. 4.2 Grantee shall not suffer or permit any mechanic's, materialmen's, or other liens to be filed against the Grantor's Property, or any part thereof, by reason of any work, labor, services, or materials performed or furnished by or on behalf of Grantee. If any such lien is filed, Grantee shall, within thirty (30) days of receiving notice of such filing, cause the same to be discharged and released of record, or, in the alternative, provide a bond or other commercially reasonably security against the enforcement of any such lien. 4.3 Grantee shall indemnify, defend, and hold harmless Grantor and its officers, directors, employees, agents, successors, and assigns (collectively, the “Grantor Indemnified Parties”) from and against any and all claims, demands, liabilities, losses, damages, costs, and expenses, including, without limitation, reasonable attorneys’ fees and court costs (collectively, “Claims”), arising out of or in connection with Grantee’s or its contractors’, agents’, or employees’ entry upon the Grantor's Property or the performance of the Improvements, but expressly excluding any Claims to the extent caused by the gross negligence or willful misconduct of the Grantor Indemnified Parties, or any of them. 5. City as Third-Party Beneficiary. Grantor and Grantee acknowledge and agree that the City is an intended third-party beneficiary of this Agreement. In the event Grantor and/or Grantee fail to construct the Improvements in accordance with the requirements of that certain Avienda Apartments - Development Contract dated as of event date herewith (the “Development Contract”), and provided the terms of the Development Contract permit the City to do so, the City shall have the absolute right, but not the obligation, to exercise any and all rights, remedies, and privileges granted to Grantee under this Agreement for the purpose of completing the Improvements. This Section 5 shall not be amended, modified, or terminated without the prior written consent of the City. 6. Duration and Termination. This Easement is temporary and shall automatically terminate and be of no further force or effect upon the date that all of the Improvements have been fully constructed and made operational to serve both the Grantee Property and the Grantor Property, accepted by the City of Chanhassen, and the relevant warranty maintenance bond or letter of credit (as provided in Exhibit B, Section 4 of the Development Contract) has been fully released. Upon such completion, Grantor shall provide Grantee with written notice of termination, and the Grantor and Grantee shall, upon request of either party, execute and record an instrument in the Office of the County Recorder in and for Carver County, Minnesota to formally document the termination of this Easement, which termination shall be effective without the necessity of execution of such instrument by the City, notwithstanding the provisions of Section 5 of this Easement. 7. Successors and Assigns; No Merger. This Agreement runs with the land and inures to the benefit of and is binding on Grantor and Grantee and their respective successors and assigns until terminated pursuant to Section 6 above. Limited use or non-use of the rights granted herein shall not be deemed a complete or partial abandonment of the Easement and the Easement shall not be extinguished by, merged into, modified or otherwise deemed affected by any other interest or estate in the Grantor Property now or hereafter held by Grantee, its successors or assigns. 38 176832713v3 4 DOCSOPEN\AK105\32B\1055079.v2-10/15/25 8. Attorneys’ Fees. In any action commenced under this Agreement, the prevailing party in such action may recover its reasonable attorneys’ fees from the non-prevailing party. 9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. 10. Authority. Grantor represents and warrants to Grantee, its successors, and assigns, that Grantor is the owner of the Grantor Property and has the right to grant the Easement herein described. 11. Amendment or Modification. No amendment or modification of this Agreement shall be effective unless made by written instrument signed by Grantor and Grantee, or their respective successors and assigns, and consented to by the City in writing. 12. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and together shall constitute one and the same agreement. 13. Severability. If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the remainder of such provision or any other provisions hereof. 14. Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations, understandings and agreements, whether written or oral. [Remainder of Page Left Blank – Signature Pages Follow] 39 176832713v3 DOCSOPEN\AK105\32B\1055079.v2-10/15/25 IN WITNESS WHEREOF, Grantor has executed this Agreement effective as of the day and year first set forth above. GRANTOR: LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company By: Its: STATE OF ) ) ss. COUNTY OF ) This instrument was acknowledged before me on the _____ day of October, 2025, by ______________________________ as ___________________ of LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company, for and on behalf of said limited liability company. Notary Public 40 176832713v3 DOCSOPEN\AK105\32B\1055079.v2-10/15/25 IN WITNESS WHEREOF, Grantee has executed this Agreement effective as of the day and year first set forth above. GRANTEE: AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company By: Avienda Apartments Venture, LLC, a Delaware limited liability company Its: Sole Member By: IDP Avienda, LLC, a Minnesota limited liability company Its: Managing Member By: Anne Behrendt Its: Authorized Signer STATE OF MINNESOTA ) ) ss. COUNTY OF HENNEPIN ) This instrument was acknowledged before me on the _____ day of October, 2025, by Anne Behrendt, as Authorized Signer of IDP Avienda, LLC, a Minnesota limited liability company, as Managing Member of Avienda Apartments Venture, LLC, a Delaware limited liability company, as Sole Member of AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company, for and on behalf of said limited liability company. Notary Public This Instrument Drafted By: Taft Stettinius & Hollister LLP 2200 IDS Center 80 South Eighth Street Minneapolis, Minnesota 55402 41 176832713v3 DOCSOPEN\AK105\32B\1055079.v2-10/15/25 MORTGAGE HOLDER CONSENT TO TEMPORARY CONSTRUCTION EASEMENT AGREEMENT (Regional Pond & Avienda Parkway Extension) THIS CONSENT TO TEMPORARY CONSTRUCTION EASEMENT AGREEMENT, made this _______ day of October, 2025, is granted by TRADITION CAPITAL BANK, a Minnesota banking corporation. For One Dollar and other good and sufficient consideration, in hand received, Tradition Capital Bank, which holds a Combination Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Financing Statement dated July 1, 2021, recorded July 2, 2021, as Document No. A728034, executed by Level 7 Development, LLC, a Minnesota limited liability company, as amended, on the property legally described in the foregoing Temporary Construction Easement Agreement, hereby consents to the foregoing Temporary Construction Easement Agreement and agrees to be bound by all the terms and conditions contained therein. TRADITION CAPITAL BANK By: Patrick Kasid, Senior Vice President STATE OF MINNESOTA ) )ss. COUNTY OF __________ ) The foregoing instrument was acknowledged before me this _____ day of October, 2025, by Patrick Kasid, the Senior Vice President of Tradition Capital Bank, a Minnesota banking corporation, on behalf of said entity. ___________________________________ Notary Public 42 176832713v3 A-1 DOCSOPEN\AK105\32B\1055079.v2-10/15/25 EXHIBIT A (Legal Description of Grantor Property) Outlot A, Avienda Apartments, according to the recorded plat thereof, Carver County, Minnesota. 43 176832713v3 B-1 DOCSOPEN\AK105\32B\1055079.v2-10/15/25 EXHIBIT B (Legal Description of Grantee Property) Lot 1, Block 1, Avienda Apartments, according to the recorded plat thereof, Carver County, Minnesota. 44 176832713v3 B-2 DOCSOPEN\AK105\32B\1055079.v2-10/15/25 EXHIBIT C (Depiction of the Avienda Parkway Extension) 45 176781460v3 DOCSOPEN\AK105\32B\1055082.v1-10/15/25 DECLARATION ESTOPPEL (Chanhassen, MN) 1. Recitals. 1.1 THE CITY OF CHANHASSEN, a Minnesota municipal corporation (“Owner”) is the owner of the real property in the City of Chanhassen, Carver County, in the development commonly known as Avienda, and legally described on Exhibit A attached hereto (collectively, the “Owner’s Property”). 1.2 The Owner’s Property is subject to that certain Avienda Declaration of Reciprocal Easements and Operating Agreement dated as of December 29, 2022, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on December 29, 2022 as Document No. A756037, as amended by that certain First Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated May 21, 2025, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on May 22, 2025 as Document No. A786585, and as further amended by that certain Second Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated September 4, 2025, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on September 5, 2025 as Document No. A790584 (collectively, the “Declaration”). Capitalized terms used in this Declaration Estoppel but not otherwise defined shall have the meanings given in the Declaration. 1.3 Owner has been advised that DORAN DEVELOPMENT, LLC, a Minnesota limited liability company (“Purchaser”), is the proposed buyer of certain other real property subject to the Declaration (the ”Purchase Property”). 1.4 Owner has been advised that FIRST INTERNATIONAL BANK & TRUST (“Lender”), having an address at 3600 Minnesota Drive, Suite 70, Edina, MN 55435, is the proposed lender with respect to Buyer’s acquisition and development of the Purchase Property. 1.5 Owner has been advised that, before purchasing the Purchase Property, Purchaser and Lender require confirmation certain matters with respect to the Declaration. 2. Estoppel. Owner hereby certifies to Purchaser and Lender, and their respective successors and assigns, that: 2.1 To the best of Owner’s actual knowledge (without any independent investigation), t he Declaration is in full force and effect and has not been modified, amended, terminated or supplemented except as set forth above. 2.2 To the best of Owner’s actual knowledge (without any independent investigation), Owner has neither given nor received any written notice of default under the terms and conditions of the Declaration which remains uncured, if any, and there are no conditions which, with the giving of notice or the passage of time, or both, would constitute a default under the terms and conditions of the Declaration. 2.3 To the best of Owner’s actual knowledge (without any independent investigation), Owner’s Property is in compliance with the terms and conditions of the Declaration in all material respects. Without limiting the generality of the foregoing, To the best of Owner’s actual knowledge (without any independent investigation), the Operator is in compliance with Operator’s obligations under the Declaration. [Signature Page Follows] 46 176781460v3 DOCSOPEN\AK105\32B\1055082.v1-10/15/25 Dated: ____________________, 2025 OWNER: THE CITY OF CHANHASSEN By: Its: 47 176781460v3 DOCSOPEN\AK105\32B\1055082.v1-10/15/25 EXHIBIT A (Legal Description of the Owner’s Property) Lot 1, Block 1, CHANHASSEN BLUFFS, Carver County, Minnesota (“The Community Center Lot”). 48 1 237545v3 PUBLIC PEDESTRIAN ACCESS EASEMENT AGREEMENT THIS PUBLIC PEDESTRIAN ACCESS EASEMENT AGREEMENT (this “Agreement”) is made and entered into effective as of ____________________, 2025 (the “Effective Date”) by AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company (“Grantor”), and the CITY OF CHANHASSEN, a Minnesota municipal corporation (“Grantee”). WITNESSETH: WHEREAS, Grantor owns that certain parcel of real propert y located in Carver County, Minnesota, legally described on Exhibit A attached hereto and made a part hereof (the “Grantor Property”); and WHEREAS, Grantor desires to grant to Grantee, for public pedestrian access purposes, certain trail and sidewalk easements, upon the terms and conditions set forth herein. NOW, THEREFORE, in consideration of the sum of One and No/100 Dollars ($1.00), the receipt and sufficiency of which is hereby acknowledged, and of the mutual covenants and terms set forth herein, Grantor and Grantee agree as follows: 1. Recitals. The foregoing Recitals are hereby incorporated into this Agreement by reference as substantive provisions hereof. 2. Trail Easement. 2.1 Grant of Easement. Grantor hereby grants and conveys to Grantee, its successors and assigns, a perpetual, non-exclusive easement (the “Trail Easement”) over, across, and upon a portion of the Grantor Property, as legally described and depicted on Exhibit B attached hereto (the “Trail Easement Area”), for the purpose of public pedestrian use. 2.2 Trail Construction. Grantor, at its sole cost and expense, shall construct a trail (the “Trail”) within the Trail Easement Area. The Trail shall be constructed in a good and workmanlike manner and in accordance with all applicable federal, state, and local laws, regulations, and ordinances, including, without limitation, the Americans with Disabilities Act, as amended (“ADA”). The final plans and specifications for the Trail shall be subject to the prior written 49 2 237545v3 approval of Grantee’s City Engineer, which approval shall not be unreasonably withheld, conditioned, or delayed. 2.3 Trail Maintenance. Following the completion of construction, Grantor, at its sole cost and expense, shall maintain the Trail in good condition and repair and in accordance with City Code Section 17-50 Snow and Ice Removal From Sidewalks, as may be amended. 2.4 Seasonal Closure. Notwithstanding anything herein to the contrary, Grantor shall be permitted to seasonally close the Trail, including erecting barriers or closure signs, and shall have no obligation to maintain the Trail during such seasonal closures. 3. Sidewalk Easement. 3.1 Grant of Easement. Grantor hereby grants and conveys to Grantee, its successors and assigns, a perpetual, non-exclusive easement (the “Sidewalk Easement” and, together with the Trail Easement, collectively the “Easements”) over, across, and upon a portion of the Grantor Property, as legally described and depicted on Exhibit C attached hereto (the “Sidewalk Easement Area” and, together with the Trail Easement Area, each an “Easement Area” and collectively the “Easement Areas”), for the purpose of public pedestrian use. 3.2 Sidewalk Construction. Grantor, at its sole cost and expense, shall construct a sidewalk (the “Sidewalk” and, together with the Trail, each a “Public Improvement” and collectively the “Public Improvements”) within the Sidewalk Easement Area. The Sidewalk shall be constructed in a good and workmanlike manner and in accordance with all applicable federal, state, and local laws, regulations, and ordinances, including, without limitation, the ADA. The final plans and specifications for the Sidewalk shall be subject to the prior written approval of Grantee’s City Engineer, which approval shall not be unreasonably withheld, conditioned, or delayed. 3.3 Sidewalk Maintenance. Following the completion of construction, Grantor, at its sole cost and expense, shall maintain, or cause to be maintained, the Sidewalk in good condition and repair. Notwithstanding anything in this Agreement to the contrary, Grantee acknowledges and agrees that Grantor’s maintenance obligations with respect to the Sidewalk may be delegated to the “Operator” under that certain Avienda Declaration of Reciprocal Easements and Operating Agreement dated as of December 29, 2022, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on December 29, 2022 as Document No. A756037, as amended by that certain First Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated May 21, 2025, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on May 22, 2025 as Document No. A786585, as further amended by that certain Second Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated September 4, 2025, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on September 5, 2025 as Document No. A790584, and as further amended by that certain Third Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated of even date herewith and recorded in the Office of the County Recorder in and for Carver County, Minnesota (collectively, the “Declaration”), and that Operator’s maintenance of the Sidewalk pursuant to the terms and conditions of the Declaration shall be deemed to discharge Grantor’s maintenance obligations with respect to the Sidewalk hereunder provided such maintenance by the Operator satisfies the maintenance standards set forth herein. 50 3 237545v3 4. Relocation of Public Improvements. Grantor reserves the right, at its sole cost and expense, to relocate the Public Improvements, or either of them, to another portion of the Grantor Property, subject to satisfaction of the following: 4.1 Condition Precedent. The right to relocate the Public Improvements, or either of them, and their respective Easement Areas hereunder, may only be exercised if Grantor reasonably determines that such relocation is necessary to construct additional vehicle parking spaces required to comply with the minimum parking requirements of Grantee’s municipal code. 4.2 Grantee’s Approval. Prior to any relocation, Grantor shall submit proposed plans for the new location and configuration of such Public Improvement to Grantee for its review and written approval, which approval shall not be unreasonably withheld, conditioned, or delayed. The relocated Public Improvement shall be of a quality, width, and character substantially similar to the original Public Improvement. 4.3 Amendment to Easement. Upon completion of the relocation of either Public Improvement pursuant to the foregoing provisions, Grantor shall prepare and record in the Office of the County Recorder in and for Carver County, Minnesota an amendment to this Agreement, including a revised legal description and depiction of the new Easement Area with respect thereto, to reflect the relocation of such Public Improvement. The costs of preparing and recording such amendment shall be borne by Grantor. 5. Indemnification. Grantee shall indemnify, defend, and hold harmless Grantor from and against any and all claims, losses, proceedings, damages, causes of acti on, liabilities, costs, or expenses (including, without limitation, reasonable attorneys’ fees), arising out of or related to the City or public use of the Easement Areas. Notwithstanding the foregoing, Grantee shall not be obligated to indemnify or defend Grantor from and against any claims based on any negligence or willful misconduct by Grantor, its employees, agents or contractors, or the failure of the Grantor to perform under the terms of this Agreement. 6. Enforcement. In the event that a party fails to perform or comply with any provision of this Agreement, either party may enforce this Agreement by proceedings at law to recover damages or in equity to restrain any violation or compel performance. The prevailing party shall be entitled to recover from the other party the prevailing party’s reasonable attorneys’ fees and court costs. 7. Reservation of Rights. Grantor reserves and retains all rights and privileges of ownership with respect to the Grantor Property and the Easement Areas which are not inconsistent with the rights granted herein to Grantee. Grantor may use the Easement Areas for any purpose that does not unreasonably interfere with or prevent the use of the Easement Areas for the purposes specified in this Agreement. Without limiting the generality of the foregoing, Grantor retains the right to grant other easements and rights over, under, or across the Easement Areas, and to construct, maintain, and operate utilities or other facilities, provided such uses do not impede or materially interfere with the public’s use of the Public Improvements. 8. Successors and Assigns; No Merger. This Agreement runs with the land and is binding on Grantor and its successors and assigns. 9. Governing Law. This Agreement shall be governed by and construed in accordance with the laws of the State of Minnesota. 51 4 237545v3 10. Authority. Grantor represents and warrants to Grantee, its successors, and assigns, that Grantor is the owner of the Grantor Property and has the right to grant the Easement herein described. 11. Amendment or Modification. No amendment or modification of this Agreement shall be effective unless made by written instrument signed by Grantor and Grantee, or their respective successors and assigns. 12. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an original, and together shall constitute one and the same agreement. 13. Severability. If any provision of this Agreement is held to be invalid, illegal or unenforceable in any respect, such invalidity, illegality or unenforceability shall not affect the remainder of such provision or any other provisions hereof. 14. Entire Agreement. This Agreement sets forth the entire agreement of the parties hereto with respect to the subject matter hereof and supersedes all prior negotiations, understandings and agreements, whether written or oral. [Remainder of Page Left Blank – Signature Pages Follow] 52 237545v3 IN WITNESS WHEREOF, Grantor has executed this Public Pedestrian Access Easement Agreement effective as of the day and year first set forth above. GRANTOR: AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company By: Avienda Apartments Venture, LLC, a Delaware limited liability company Its: Sole Member By: IDP Avienda, LLC, a Minnesota limited liability company Its: Managing Member By: Name: Anne Behrendt Its: Authorized Signer STATE OF MINNESOTA ) )ss. COUNTY OF HENNEPIN ) The foregoing instrument was acknowledged before me this ______ day of October, 2025, by Anne Behrendt, as Authorized Signatory of IDP Avienda, LLC, a Minnesota limited liability company, as Managing Member of Avienda Apartments Venture, LLC, a Delaware limited liability company, as Sole Member of AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company, on behalf of the entity. ___________________________________ Notary Public 53 237545v3 IN WITNESS WHEREOF, Grantee has executed this Public Pedestrian Access Easement Agreement effective as of the day and year first set forth above. GRANTEE: CITY OF CHANHASSEN, a Minnesota municipal corporation By: Elise Ryan, Mayor By: Laurie Hokkanen, City Manager STATE OF MINNESOTA ) )ss. COUNTY OF CARVER ) The foregoing instrument was acknowledged before me this _______ day of October, 2025, by Elise Ryan and by Laurie Hokkanen, respectively the Mayor and City Manager of the City of Chanhassen, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted by its City Council. ___________________________________ Notary Public This Instrument Drafted By: Taft Stettinius & Hollister LLP 2200 IDS Center 80 South Eighth Street Minneapolis, Minnesota 55402 54 176834684v1 A-1 237545v3 EXHIBIT A (Legal Description of Grantor Property) Lot 1, Block 1, Avienda Apartments, according to the recorded plat thereof, Carver County, Minnesota. 55 176834684v1 C-1 237545v3 EXHIBIT B (Legal Description and Depiction of Trail Easement Area) 56 176834684v1 C-2 237545v3 57 176834684v1 C-3 237545v3 EXHIBIT C (Legal Description and Depiction of Sidewalk Easement Area) 58 215387v2 (reserved for recording information) ENCROACHMENT AGREEMENT (Signs and Trail) AGREEMENT made this ____ day of October, 2025, by and between the CITY OF CHANHASSEN, a Minnesota municipal corporation (“City”), and AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company (“Owner”). 1. BACKGROUND. Owner is the fee owner of certain real property located in the City of Chanhassen legally described as follows: Lot 1 Block 1, Avienda Apartments, according to the recorded plat thereof, Carver County, Minnesota having a street address of 9150 Kestrel Drive (“Subject Property”). The City owns easements for drainage and utility purposes over portions of the Subject Property (“Easement Areas”). Owner desires to construct and install on the Subject Property: (1) signage (“Signage”) which encroaches on the Easement Areas as depicted on the attached Exhibit “A” (consisting of 1 page) (the “Sign Encroachment Area”) and a pedestrian trail (“Trail”) which encroaches on the Easement Area as depicted on the attached Exhibit “B” (consisting of 2 pages) (the “Trail Encroachment Area”). 59 215387v2 2. ENCROACHMENT AUTHORIZATION. The City hereby approves the encroachment on the Easement Areas for the Signage and Trail subject to the conditions set forth in this Agreement. Further conditions of encroachment approval are:  The City shall have no responsibility to maintain or repair the Signage or Trail located within the Easement Areas; provided, however, that the City shall be financially responsible for any maintenance or repair necessitated by the gross negligence or willful misconduct of the City, its agents or contractors.  The Signage and Trail located in the Easement Areas must not materially impact or increase water drainage on the abutting properties or cause any material adverse drainage patterns or erosion to the abutting properties.  Owner agrees that the Signage and Trail shall be constructed consistent with the plans approved by the City, as applicable.  Owner agrees that the Signage and Trail shall be constructed consistent with all applicable federal, state and local laws and regulations and shall obtain all necessary permits for the placement of the Sign age and Trail on the Subject Property.  Owner, its successors and assigns, are fully responsible and liable for any and all damage caused to the Signage and Trail (except as otherwise provided in the Public Pedestrian Access Easement Agreement between Owner and the City dated of even date herewith) located on the Subject Property and in the Easement Areas.  Owner, its successors and assigns, will own and maintain the Signage and Trail located within the Easement Areas. 3. HOLD HARMLESS AND INDEMNITY. In consideration of being allowed to encroach in the Easement Areas, Owner, for itself, its successors and assigns, hereby agrees to indemnify and hold the City harmless from any damage to the Signage and Trail located in the Easement Areas, caused in whole or in part by the encroachment in the Easement Areas. 4. TERMINATION OF AGREEMENT. The City may terminate this Agreement, in whole or in part, at any time if the City determines, in its reasonable discretion, that the Signage or Trail (as applicable) unreasonably interferes with the City’s right to occupy and use the Easement Areas for drainage or utility purposes. Prior to termination, the City will give the then owner of the Subject Property thirty (30) days’ advance written notice of its election to terminate this Agreement, except that no notice period will be required in the case of an emergency condition as determined 60 215387v2 solely by the City, in which event this Agreement shall be terminated immediately. Promptly after receipt of any written notice of termination, Owner shall remove the Signage or Trail, as applicable to the extent it impacts the Easement Areas. If Owner fails to remove the Signage or Trail, as applicable, within said 30-day period, the City may remove the same and Owner shall be responsible for reimbursement of the reasonable and actual out-of-pocket costs incurred by the City in connection therewith. Alternatively, the City may require temporary removal of the Signage or Trail, at the Owner’s expense, at any time by giving the then owner of the Subject Property one hundred twenty (120) days’ advance written notice, except that no notice period will be required in the case of an emergency condition as determined solely by the City. If the Owner fails to remove the Signage or Trail (as applicable) as directed, the City may remove the same and the Owner shall be responsible for reimbursement of the reasonable and actual out-of-pocket costs incurred by the City in connection therewith. 5. RECORDING. This Agreement shall run with the land and shall be recorded against the title to the Subject Property. [Remainder of page intentionally left blank.] [Signature pages to follow.] 61 215387v2 CITY OF CHANHASSEN By ___________________________________ (SEAL) Elise Ryan, Mayor And __________________________________ Laurie Hokkanen, City Manager STATE OF MINNESOTA ) )ss. COUNTY OF CARVER ) The foregoing instrument was acknowledged before me this _______ day of October, 2025, by Elise Ryan and by Laurie Hokkanen, respectively the Mayor and City Manager of the City of Chanhassen, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted by its City Council. ____________________________________ Notary Public 62 215387v2 AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company By: Avienda Apartments Venture, LLC, a Delaware limited liability company Its: Sole Member By: IDP Avienda, LLC, a Minnesota limited liability company Its: Managing Member By: Anne Behrendt Its: Authorized Signer STATE OF MINNESOTA ) )ss. COUNTY OF HENNEPIN ) The foregoing instrument was acknowledged before me this ______ day of October, 2025, by Anne Behrendt, as Authorized Signer of IDP Avienda, LLC, a Minnesota limited liability company, as Managing Member of Avienda Apartments Venture, LLC, a Delaware limited liability company, as Sole Member of AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company, on behalf of the entity. ___________________________________ Notary Public DRAFTED BY: CAMPBELL KNUTSON, Professional Association Grand Oak Office Center I 860 Blue Gentian Road, Suite 290 Eagan, Minnesota 55121 Telephone: (651) 452-5000 AMP 63 237546v2 EXHIBIT “A” Page 1 of 1 Sign Encroachment Area 64 237546v2 EXHIBIT “B” Page 1 of 2 Trail Encroachment Area 65 237546v2 Page 2 of 2 66 1 DOCSOPEN\AK105\32B\1053218.v9-10/17/25 THIRD AMENDMENT TO AVIENDA DECLARATION OF RECIPROCAL EASEMENTS AND OPERATING AGREEMENT THIS THIRD AMENDMENT TO AVIENDA DECLARATION OF RECIPROCAL EASEMENTS AND OPERATING AGREEMENT (the “Amendment”) is made as of the ____ day of _____________, 2025, and is made by LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company (“Operator”). W I T N E S S E T H: WHEREAS, certain real property located in the City of Chanhassen, Carver County, Minnesota is subject to the Avienda Declaration of Reciprocal Easements and Operating Agreement dated December 29, 2022 and recorded in the office of the Carver County Recorder on December 29, 2022 as Document No. A756037, as amended by First Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated May 21, 2025 and recorded in the office of the Carver County Recorder on May 22, 2025 as Document No. A786585, as amended by Second Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated September 4, 2025 and recorded in the office of the Carver County Recorder on September 5, 2025 as Document No. A790584 (collectively, the “REOA”), which real property is described on Exhibit “A” to the REOA and referenced as the “Property”; and WHEREAS, the Operator is the “Operator” under the REOA; and WHEREAS, Sections 6.1(a)(ix) and 7.5(b) of the REOA provide that, without the need for any consent, signature, or approval of any other Owner or any First Mortgagee, the Operator has the power and authority to execute an Operator Amendment to revise the definition of Property, to reference Lots by legal descriptions, and to designate Lots as High Density Residential Lots on Exhibit A of the REOA; and WHEREAS, Outlot B, AVIENDA ROWHOMES, Carver County, Minnesota has been replatted by the plat of AVIENDA APARTMENTS, recorded with the Carver County Recorder; WHEREAS, a portion of CHANHASSEN BLUFFS is being developed as a High Density Residential Lot; 67 2 DOCSOPEN\AK105\32B\1053218.v9-10/17/25 WHEREAS, Section 7.5 of the REOA provides that other amendments to the REOA require the written consent of (1) the Operator, plus (2) at least fifty percent (50%) of the total voting power of all Owners; WHEREAS, in addition to the Operator, the other current Owners, pursuant to Section 1.24 of the REOA, consist of (i) Avienda Villas II Association, a Minnesota nonprofit corporation, the Homeowners Association for Avienda Villas II, (ii) Avienda Villas I Association, a Minnesota nonprofit corporation, the Homeowners Association for Avienda Villas I, (iii) The Terraces at Avienda Village Association, a Minnesota nonprofit corporation, the Homeowners Association for The Terraces at Avienda Village, and (iv) the City of Chanhassen owner of the Community Center Lot. NOW, THEREFORE, the Operator, with the attached consents of other Owners, does hereby execute this Amendment and does hereby amend and modify the REOA as follows: 1. The Property. Exhibit “A” attached to this Amendment is hereby substituted for the Exhibit “A” attached to the REOA. 2. Definition of Common Area. Section 1.3 is hereby amended to read as follows: 1.3 Common Area. Subject to the reserved rights of Operator to designate areas in which Common Areas may be situated upon certain Lots pursuant to Sections 6..1(a)(i) and 6.1(a)(ii) hereof, “Common Area” shall mean (a) all areas within the boundaries of a Non-Residential Lot, exclusive of Buildings, (b) all areas (including uncovered parking lots or fields) within a Mixed Use Lot, exclusive of both Buildings and recreational areas and open spaces used exclusively or primarily by and for the benefit of residents of the Mixed Use Lot, (c) any portion of the Property (including, without limitation, any portion of a Medium Density Residential Lot, a High Density Residential Lot, or a Mixed Use Lot) containing, enclosing, or encompassing the Operator-Installed ROW Amenities (as defined below), (d) any portion of the Property (including, without limitation, any portion of a High Density Residential Lot or a Mixed Use Lot, but not a Medium Density Residential Lot) containing, enclosing, or encompassing the Common Utility Lines, including the private stormwater drainage pipe situated beneath the private Kestrel Drive roadway, and (e) that portion of a High Density Residential Lot comprised of the private Kestrel Drive roadway and sidewalks located to the East of the roadway (but not the parking spots and sidewalks located to the West of the roadway). For avoidance of uncertainty, Common Utility Lines, including stormwater drainage and ponds, located on a Medium Density Residential Lot shall not be part of the Common Area and Separate Utility Lines wherever located on the Property shall not be part of the Common Area. 3. Northern Stormwater Chamber. A new Section 1.18.5 is hereby added as follows: 1.18.5 Northern Stormwater Chamber. The “Northern Stormwater Chamber’ 68 3 DOCSOPEN\AK105\32B\1053218.v9-10/17/25 shall mean the stormwater pond and underground chamber constructed in the Northeastern corner of the High Density Residential Lot (beneath the parking area), which, for avoidance of doubt, shall constitute a Common Utility Line. 4. Common Utility Lines. Section 4.1(vi) is hereby amended to read as follows: 4.1(vi) Common Utility Lines. Maintaining, cleaning, repairing, and replacing all Common Utility Lines (but not Separate Utility Lines), including restoration of any damage to Lot (including the improvements thereon) which arises from or relate to the Operator’s rights hereunder and from the City of Chanhassen’s or the Riley Purgatory Bluff Creek Watershed District’s exercise of its rights under recorded documents with respect to such Common Utility Lines, all including restoration of the Common Utility Line and the Lot (including improvements thereon) to substantially the same condition in which it existed immediately prior to the entry or work thereon. 5. Self-Help By Owner of High Density Residential Lot. The following is hereby added at the end of Section 7.1(b): In addition, in the event of a default by Operator pursuant to Section 7.1(a)(ii) above with respect to the maintenance of any Common Area located on, serving, or otherwise benefitting a High Density Residential Lot and the Operator has failed, within the applicable cure period, to cure such default, the Owner of the High Density Residential Lot shall have the same self-help rights, but not the obligation, to cure such default or breach and seek reimbursement from the Operator as granted to the Operator as earlier provided in this Section 7.1(b), and such Owner of the High Density Residential Lot shall be afforded all rights and privileges of the Operator hereunder, including without limitation the Operator’s easement rights pursuant to Section 2.4 above, in connection with the exercise of such self-help rights; provided, however, that unless the default shall constitute an unsafe or emergency condition, the Owner of the High Density Residential Lot shall not have such self-help rights if, within the applicable cure period, the Operator shall dispute in reasonable detail the claim of default by written notice to the Owner. 6. Definitions. All capitalized terms in this Amendment not otherwise defined herein (including in Exhibit “A” hereto) shall have the meaning ascribed to them in the REOA. 7. No Other Changes. Except as specifically provided in this Amendment, the REOA remains unchanged and in full force and effect. [The remainder of this page is intentionally left blank.] 69 4 DOCSOPEN\AK105\32B\1053218.v9-10/17/25 [Signature Page to Third Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement] IN WITNESS WHEREOF, the Operator has executed this Third Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement. OPERATOR: LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company By: Bahram Akradi Its President STATE OF MINNESOTA ) ) SS. COUNTY OF CARVER ) The foregoing instrument was acknowledged before me this _____ day of ____________, 2025, by Bahram Akradi, the President of Level 7 Development, LLC, a Minnesota limited liability company, on behalf of the limited liability company. Notary Public THIS INSTRUMENT DRAFTED BY: Kennedy & Graven, Chartered (LMW) 150 South 5th Street Suite 700 Minneapolis, Minnesota 55402 Phone: (612) 337-9300 AK105-32B 70 5 DOCSOPEN\AK105\32B\1053218.v9-10/17/25 MORTGAGE HOLDER CONSENT TO AND JOINDER IN THIRD AMENDMENT TO AVIENDA DECLARATION OF RECIPROCAL EASEMENTS AND OPERATING AGREEMENT THIS CONSENT TO AND JOINDER IN THIRD AMENDMENT TO AVIENDA DECLARATION OF RECIPROCAL EASEMENTS AND OPERATING AGREEMENT, made this _______ day of ____________, 2025, is granted by TRADITION CAPITAL BANK, a Minnesota banking corporation. For One Dollar and other good and sufficient consideration, in hand received, Tradition Capital Bank, which holds a Combination Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Financing Statement dated July 1, 2021, recorded July 2, 2021, as Document No. A728034, executed by Level 7 Development, LLC, a Minnesota limited liability company, as amended, on the property legally described in the foregoing Third Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement, hereby consents to and joins in the foregoing Third Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement and agrees to be bound by all the terms and conditions contained therein. TRADITION CAPITAL BANK By: Patrick Kasid, Senior Vice President STATE OF MINNESOTA ) )ss. COUNTY OF __________ ) The foregoing instrument was acknowledged before me this _____ day of ______________, 2025, by Patrick Kasid, the Senior Vice President of Tradition Capital Bank, a Minnesota banking corporation, on behalf of said entity. ___________________________________ Notary Public 71 6 DOCSOPEN\AK105\32B\1053218.v9-10/17/25 AVIENDA VILLAS II ASSOCIATION CONSENT TO THIRD AMENDMENT TO AVIENDA DECLARATION OF RECIPROCAL EASEMENTS AND OPERATING AGREEMENT THIS CONSENT TO THIRD AMENDMENT TO AVIENDA DECLARATION OF RECIPROCAL EASEMENTS AND OPERATING AGREEMENT, made this _______ day of ____________, 2025, is granted by Avienda Villas II Association, a Minnesota nonprofit corporation, the Homeowners Association for Avienda Villas II. Avienda Villas II Association, a Minnesota nonprofit corporation, the Homeowners Association for Avienda Villas II, hereby consents to the foregoing Third Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement. AVIENDA VILLAS II ASSOCIATION By: Its: _________________________________ STATE OF MINNESOTA ) )ss. COUNTY OF __________ ) The foregoing instrument was acknowledged before me this _____ day of ______________, 2025, by _________________, the President of Avienda Villas II Association, a Minnesota nonprofit corporation, on behalf of said entity. ___________________________________ Notary Public 72 7 DOCSOPEN\AK105\32B\1053218.v9-10/17/25 AVIENDA VILLAS I ASSOCIATION CONSENT TO THIRD AMENDMENT TO AVIENDA DECLARATION OF RECIPROCAL EASEMENTS AND OPERATING AGREEMENT THIS CONSENT TO THIRD AMENDMENT TO AVIENDA DECLARATION OF RECIPROCAL EASEMENTS AND OPERATING AGREEMENT, made this _______ day of ____________, 2025, is granted by Avienda Villas I Association, a Minnesota nonprofit corporation, the Homeowners Association for Avienda Villas I. Avienda Villas I Association, a Minnesota nonprofit corporation, the Homeowners Association for Avienda Villas I, hereby consents to the foregoing Third Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement. AVIENDA VILLAS I ASSOCIATION By: Its: _________________________________ STATE OF MINNESOTA ) )ss. COUNTY OF __________ ) The foregoing instrument was acknowledged before me this _____ day of ______________, 2025, by _________________, the President of Avienda Villas I Association, a Minnesota nonprofit corporation, on behalf of said entity. ___________________________________ Notary Public 73 8 DOCSOPEN\AK105\32B\1053218.v9-10/17/25 THE TERRACES AT AVIENDA VILLAGE ASSOCIATION CONSENT TO THIRD AMENDMENT TO AVIENDA DECLARATION OF RECIPROCAL EASEMENTS AND OPERATING AGREEMENT THIS CONSENT TO THIRD AMENDMENT TO AVIENDA DECLARATION OF RECIPROCAL EASEMENTS AND OPERATING AGREEMENT, made this _______ day of ____________, 2025, is granted by The Terraces at Avienda Village Association, a Minnesota nonprofit corporation, the Homeowners Association for The Terraces at Avienda Village. The Terraces at Avienda Village Association, a Minnesota nonprofit corporation, the Homeowners Association for The Terraces at Avienda Village, hereby consents to the foregoing Third Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement. THE TERRACES AT AVIENDA VILLAGE ASSOCIATION By: Its: _________________________________ STATE OF MINNESOTA ) )ss. COUNTY OF __________ ) The foregoing instrument was acknowledged before me this _____ day of ______________, 2025, by _________________, the President of The Terraces at Avienda Village Association, a Minnesota nonprofit corporation, on behalf of said entity. ___________________________________ Notary Public 74 9 DOCSOPEN\AK105\32B\1053218.v9-10/17/25 CITY OF CHANHASSEN CONSENT TO THIRD AMENDMENT TO AVIENDA DECLARATION OF RECIPROCAL EASEMENTS AND OPERATING AGREEMENT THIS CONSENT TO THIRD AMENDMENT TO AVIENDA DECLARATION OF RECIPROCAL EASEMENTS AND OPERATING AGREEMENT, made this _______ day of ____________, 2025, is granted by the City of Chanhassen, a municipal corporation under the laws of Minnesota. The City of Chanhassen, a municipal corporation under the laws of Minnesota, the owner of Community Center Lot, hereby consents to the foregoing Third Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement. CITY OF CHANHASSEN By: Its: _________________________________ By: Its: _________________________________ STATE OF MINNESOTA ) )ss. COUNTY OF CARVER ) The foregoing instrument was acknowledged before me this _____ day of ______________, 2025, by _________________ and _______________, the ______________ and ___________, respectively, of the City of Chanhassen, a municipal corporation under the laws of Minnesota, on behalf of said entity. ___________________________________ Notary Public 75 176568337v5 DOCSOPEN\AK105\32B\1053218.v9-10/17/25 EXHIBIT “A” LEGAL DESCRIPTION OF THE PROPERTY AND DESIGNATION OF NON- RESIDENTIAL LOT, MEDIUM DENSITY RESIDENTIAL LOT, HIGH DENSITY RESIDENTIAL DENSITY LOT, MIXED USE LOT, AND COMMUNITY CENTER LOT The “Property” Lot 1, Block 1; Outlots A, B, and C, CHANHASSEN BLUFFS, Carver County, Minnesota. Note for Information Purposes: Outlot A, AVIENDA TOWNHOMES, Carver County, Minnesota is not part of the “Property.” Lots 1-5, Block 1; Lots 1-3, Block 2; Lots 1-7, Block 3; Lots 1-5, Block 4; Lots 1-11, Block 5; Lots 1-8, Block 6; Outlots B, C, D, and F, VILLAS AT AVIENDA, Carver County, Minnesota. Note for Information Purposes: There are no Outlots A and E, VILLAS AT AVIENDA, Carver County, Minnesota. Lots 1-4, Block 1; Lots 1-4, Block 2; Lots 1-4, Block 3; Lots 1-4, Block 4; Lots 1-3, Block 5; Lots 1-4, Block 6; Lots 1-4, Block 7; Lots 1-4, Block 8; Lots 1-4, Block 9; Lots 1-3, Block 10; Lots 1- 4, Block 11; Lots 1-4, Block 12; Lots 1-3, Block 13; and Lots 1-4, Block 14; Outlot A , AVIENDA ROWHOMES Carver County, Minnesota. Lot 1, Block 1, and Outlot A, AVIENDA APARTMENTS, Carver County, Minnesota. Designation of Non-Residential Lot, Medium Density Residential Lot, High Density Residential Lot, Mixed Use Lot, and Community Center Lot “Community Center Lot” Lot 1, Block 1; CHANHASSEN BLUFFS, Carver County, Minnesota. “Medium Density Residential Lot” (Numbers (1), (2), and (3) below each designate a separate Medium Density Residential Lot) (1) Lots 1-5, Block 1; Lots 1-3, Block 2; Lots 1-7, Block 3; Lots 1-5, Block 4; Lots 1-11, Block 5; Outlots B and C; VILLAS AT AVIENDA, Carver County, Minnesota (collectively, “Avienda Villas II”). (2) Lots 1-8, Block 6; Outlot F; VILLAS AT AVIENDA, Carver County, Minnesota (collectively, “Avienda Villas I”). (3) Lots 1-4, Block 1; Lots 1-4, Block 2; Lots 1-4, Block 3; Lots 1-4, Block 4; Lots 1-3, Block 5; Lots 1-4, Block 6; Lots 1-4, Block 7; Lots 1-4, Block 8; Lots 1-4, Block 9; Lots 1-3, 76 176568337v5 DOCSOPEN\AK105\32B\1053218.v9-10/17/25 Block 10; Lots 1-4, Block 11; Lots 1-4, Block 12; Lots 1-3, Block 13; and Lots 1-4, Block 14; Outlot A, AVIENDA ROWHOMES Carver County, Minnesota (collectively, “The Terraces at Avienda Village”). “High Density Residential Lot” Lot 1, Block 1, AVIENDA APARTMENTS, Carver County, Minnesota. “Non-Residential Lot” None. “Mixed Use Lot” None. 77 1 237571v2 TEMPORARY STORMWATER MAINTENANCE AGREEMENT/ BEST MANAGEMENT PRACTICE FACILITIES THIS TEMPORARY STORMWATER MAINTENANCE AGREEMENT is made and entered into as of the ______ day of _____________, 2025 (“Effective Date”), by and between LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company (the “Owner”) and the CITY OF CHANHASSEN, a Minnesota municipal corporation (the “City”). RECITALS A. The Owner has received final plat approval for the Avienda Apartments plat (“Plat”); B. The Owner is the fee owner of the real property located in Carver County, Minnesota legally described as Outlot A, Avienda Apartments, Carver County, Minnesota, according to the recorded plat thereof (“Property”); and B. The Owner has conveyed Lot 1, Block 1, Avienda Apartments (“Lot 1”) to Avienda Apartments Owner, LLC for development of an apartment building; and C. The final plans for the Plat, (“Plans”), which are expressly made a part hereof, as approved or to be approved by the City, provides for detention/retention of stormwater within the confines of the Property for the benefit of Lot 1; and D. The City and the Owner agree that the health, safety, and welfare of the residents of the City of Chanhassen, Minnesota, require that on-site stormwater management/BMP facilities be constructed and maintained on the Property; and E. The City requires that on-site stormwater management/BMP facilities (“Stormwater Facilities”) as shown on the Plans be constructed and adequately maintained by the Owner as a condition of final plat approval; and F. The Owner is required to enter into this Agreement as a condition of the approval of the Plat and grant to the City a license to enter the Property to inspect and, if necessary, complete work required under the terms of this Agreement. 78 2 237571v2 NOW, THEREFORE, in consideration of mutual covenants of the parties set forth herein and other valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties agree as follows: 1. Construction of Stormwater Improvements. Owner shall construct or cause to be constructed the Stormwater Facilities in accordance with the plans and specifications identified in the Plans or pursuant to any modification of the Plans approved by the City during construction of the Stormwater Facilities as provided in Exhibit A. The Owner shall submit to the City any updates with “as builts” for the Stormwater Facilities within 1 year of installation. If Plan modification substantially changes the size, location, or operations and maintenance of the stormwater facility the owner shall provide updated Exhibits to the City. 2. Maintenance of Stormwater Improvements. A. The owner of the Stormwater Facilities from time-to-time, including but not limited to, Owner and its successors and assigns (collectively, but each only during their period of ownership, the “Responsible Party”) shall adequately maintain the Stormwater Facilities in accordance with the Stormwater Maintenance Plan and the City engineering standards for stormwater treatment facilities attached hereto as Exhibit A. This includes all pipes, channels, and other conveyances built to convey stormwater to the facility, as well as all structures, improvements, and vegetation provided to control the quantity and quality of the stormwater. Adequate maintenance is herein defined as good working condition so that these facilities are performing their design functions. B. The Owner will perform the work necessary to keep these Stormwater Facilities in good working order as appropriate. In the event a maintenance schedule for the Stormwater Facilities (including sediment removal) is outlined in Exhibit B, schedule will be followed and comply with all federal, state, and local regulations relating to the disposal of material. 3. Inspection and Reporting. The Responsible Party shall cause the Stormwater Facilities to be inspected and submit an inspection report annually and shall be responsible for the payment of any associated costs. The purpose of the inspection is to assure safe and proper functioning of the facilities. The inspection shall cover the entire facilities, berms, outlet structure, pond areas, access roads, buffers, etc. Deficiencies shall be noted in the inspection report. A storage treatment basin will be considered inadequate if it is not compliant with all requirements of the approved Plan and City engineering standards set forth in Exhibit B. 4. City Access and Maintenance Rights. A. The Owner hereby grants permission to the City, its authorized agents and employees, to enter upon the Property and to inspect the stormwater management/BMP facilities whenever the City deems necessary. The City shall provide the Responsible Party, its successors and assigns, copies of the inspection findings and a directive to commence with the repairs if necessary (“Inspection Report”). 79 3 237571v2 B. In the event the Responsible Party, its successors and assigns, fails to maintain the Stormwater Facilities in good working condition acceptable to the City, and such failure continues for 60 days after the City gives the Responsible Party written notice of such failure, the City may enter upon the Property and take whatever steps necessary, including excavation and the storage of materials and equipment, to correct deficiencies identified in the Inspection Report. The City’s notice shall specifically state which maintenance tasks are to be performed. The City may charge the costs, including assessing the City’s costs to the Responsible Party’s property taxes, to the Responsible Party. This provision shall not be construed to allow the City to erect any structure of permanent nature outside of the area of the Stormwater Facilities. It is expressly understood and agreed that the City is under no obligation to routinely maintain or repair said Stormwater Facilities, and in no event shall this Agreement be construed to impose any such obligation on the City. In addition, Responsible Party agrees that it is, and will be, solely responsible to address complaints and legal claims brought by any third party with regard to the maintenance and operation and the consequences there from the Stormwater Facilities. The Responsible Party shall defend and hold the City harmless from any such third-party claim, except to the extent of the City’s or its agents’, contractors’ or employees’ negligence or willful misconduct. 5. Reimbursement of Costs. The Responsible Party shall reimburse the City for all costs incurred by the City in the enforcement of this Agreement, or any portion thereof, including court costs and reasonable attorneys’ fees. 6. Indemnification. This Agreement imposes no liability of any kind whatsoever on the City. The Responsible Party shall indemnify and hold harmless the City and its officials, employees, agents, contractors, and volunteers against any and all claims, demands, losses, damages, and expenses (including reasonable attorneys’ fees) arising out of or resulting from the Responsible Party or the Responsible Party’s agents’ or employee’s negligent or intentional acts, or any violation of any safety law, regulation or code in the performance of this Agreement, without regard to any inspection or review made or not made by the City, its officials, employees, agents, contractors, or volunteers, or failure by the City, its officials, employees, agents contractors, or volunteers to take any other prudent precautions. In the event the City, upon the failure of the Responsible Party to comply with any conditions of this Agreement, performs said conditions pursuant to its authority in this Agreement, the Responsible Party shall indemnify and hold harmless the City, its employees, agents and representatives from any cost, damage or harm, except to the extent resulting from its or their own negligent acts in the performance of the Responsible Party’s required work under this Agreement. Failure to perform any of the Responsible Party’s required work shall not be considered negligence by the City, its employees, agents or representatives. 7. Notice. All notices required under this Agreement shall either be personally delivered or be sent by certified or registered mail and addressed as follows: To the Owner: Level 7 Development, LLC c/o Mark Nordland 200 Southdale Center Edina, MN 55435 80 4 237571v2 With copy to: P.O. Box 439 St. Bonifacius, Mn 55375 And copy to: Larry M. Wertheim KENNEDY & GRAVEN, Chartered 700 5th Street Towers 150 So. 5th Street Minneapolis, MN 55402 To the City: City of Chanhassen 7700 Market Boulevard P.O. Box 147 Chanhassen, Minnesota 55317 Attn: City Manager All notices given hereunder shall be deemed given when personally delivered or two business days after being placed in the mail properly addressed as provided herein. 8. Term. This Agreement shall commence upon the Effective Date and terminate upon the substantial completion of a regional stormwater facility on the Property as required under the Development Contract for Plat and the City and Owner entering into a Stormwater Maintenance Agreement for the Property for a regional stormwater pond. 9. Successors/Covenants Run with Property. All duties and obligations of Owner under this Agreement shall also be duties and obligations of Owner’s successors and assigns. The terms and conditions of this Agreement shall run with the Property. [Remainder of page intentionally left blank] [Signature pages (2) follow] 81 5 237571v2 OWNER: LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company By: Its: STATE OF ) ) ss. COUNTY OF ) This instrument was acknowledged before me on the _____ day of October, 2025, by ______________________________ as ___________________ of LEVEL 7 DEVELOPMENT, LLC, a Minnesota limited liability company, for and on behalf of said limited liability company. Notary Public 82 6 237571v2 CITY OF CHANHASSEN By: Elise Ryan, Mayor (SEAL) And: Laurie Hokkanen, City Manager STATE OF MINNESOTA ) )ss. COUNTY OF CARVER ) The foregoing instrument was acknowledged before me this ________ day of ______________, 2025, by Elise Ryan and by Lauire Hokkanen, respectively the Mayor and City Manager of the City of Chanhassen, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted by its City Council. Notary Public THIS INSTRUMENT WAS DRAFTED BY: CAMPBELL KNUTSON Professional Association Grand Oak Office Center I 860 Blue Gentian Road, Suite 290 Eagan, Minnesota 55121 Telephone: (651) 452-5000 AMP 83 7 237571v2 EXHIBIT A TO STORMWATER MAINTENANCE AGREEMENT STORMWATER BMP EXHIBIT 84 8 237571v2 EXHIBIT B TO STORMWATER MAINTENANCE AGREEMENT Stormwater Facility Operation and Maintenance Plan and Inspection Checklist The Owner, shall be vested with and shall be responsible for conducting an annual inspection of the stormwater facility as depicted in Exhibit A and attached hereto, utilizing the stormwater facility maintenance inspection checklist, attached hereto, and shall make any repairs to the stormwater facility necessary for its intended design and function, as determined by the City’s Water Resources Engineer for the remaining life of the Stormwater Facility. 85 9 237571v1 DOCSOPEN\AK105\32B\1055524.v4-10/18/25 (attach inspection checklist here ) 86 10 237571v1 DOCSOPEN\AK105\32B\1055524.v4-10/18/25 MORTGAGE HOLDER CONSENT TO STORMWATER MAINTENANCE AGREEMENT (Temporary Stormwater Pond) THIS CONSENT TO TEMPORARY DRAINAGE EASEMENT AGREEMENT, made this _______ day of October, 2025, is granted by TRADITION CAPITAL BANK, a Minnesota banking corporation. For One Dollar and other good and sufficient consideration, in hand received, Tradition Capital Bank, which holds a Combination Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Financing Statement dated July 1, 2021, recorded July 2, 2021, as Document No. A728034, executed by Level 7 Development, LLC, a Minnesota limited liability company, as amended, on the property legally described in the foregoing Temporary Stormwater Maintenance Agreement, hereby consents to the foregoing Temporary Stormwater Maintenance Agreement and agrees to be bound by all the terms and conditions contained therein. TRADITION CAPITAL BANK By: Patrick Kasid, Senior Vice President STATE OF MINNESOTA ) )ss. COUNTY OF __________ ) The foregoing instrument was acknowledged before me this _____ day of October, 2025, by Patrick Kasid, the Senior Vice President of Tradition Capital Bank, a Minnesota banking corporation, on behalf of said entity. ___________________________________ Notary Public DRAFTED BY: CAMPBELL KNUTSON Professional Association Grand Oak Office Center I 860 Blue Gentian Road, Suite 290 Eagan, Minnesota 55121 651-452-5000 AMP 87 215387v2 (reserved for recording information) ENCROACHMENT AGREEMENT (Sidewalk, Road, Curb Cuts, Drive Aisles, Parking Areas, and Related Infrastructure) AGREEMENT made this ____ day of October, 2025, by and between the CITY OF CHANHASSEN, a Minnesota municipal corporation (“City”), and AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company (“Owner”). 1. BACKGROUND. Owner is the fee owner of certain real property located in the City of Chanhassen legally described as follows: Lot 1 Block 1, Avienda Apartments, according to the recorded plat thereof, Carver County, Minnesota having a street address of 9150 Kestrel Drive (“Subject Property”). The City owns easements for drainage and utility purposes over portions of the Subject Property (“Easement Areas”). Owner desires to construct and install on the Subject Property sidewalks, a road, curb cuts, drive aisles, parking areas, and related infrastructure and improvements (the “Improvements”) which encroach on the Easement Areas as depicted on the attached Exhibit “A” (consisting of 2 pages) (the “Encroachment Area”). 88 215387v2 2. ENCROACHMENT AUTHORIZATION. The City hereby approves the encroachment on the Easement Areas for the Improvements subject to the conditions set forth in this Agreement. Further conditions of encroachment approval are:  The City shall have no responsibility to maintain or repair the Improvements located within the Easement Areas; provided, however, that the City shall be financially responsible for any maintenance or repair necessitated by the gross negligence or willful misconduct of the City, its agents or contractors.  The Improvements located in the Easement Areas must not materially impact or increase water drainage on the abutting properties or cause any material adverse drainage patterns or erosion to the abutting properties.  Owner agrees that the Improvements shall be constructed consistent with the plans approved by the City, as applicable.  Owner agrees that the Improvements shall be constructed consistent with all applicable federal, state and local laws and regulations and shall obtain all necessary permits for the placement of the Improvements on the Subject Property.  Owner, its successors and assigns, are fully responsible and liable for any and all damage caused to the Improvements (except as otherwise provided in the Public Pedestrian Access Easement Agreement between Owner and the City dated of even date herewith) located on the Subject Property and in the Easement Areas.  Owner, its successors and assigns, will own and maintain the Improvements located within the Easement Areas. 3. HOLD HARMLESS AND INDEMNITY. In consideration of being allowed to encroach in the Easement Areas, Owner, for itself, its successors and assigns, hereby agrees to indemnify and hold the City harmless from any damage to the Improvements located in the Easement Areas, caused in whole or in part by the encroachment in the Easement Areas. 4. OPERATOR. Notwithstanding anything in this Agreement to the contrary, the City acknowledges and agrees that some or all of the Improvements may be maintained, repaired, replaced, and operated by the “Operator” under that certain Avienda Declaration of Reciprocal Easements and Operating Agreement dated as of December 29, 2022, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on December 29, 2022 as Document No. A756037, as amended by that certain First Amendment to Avienda Declaration of Reciprocal Easements and 89 215387v2 Operating Agreement dated May 21, 2025, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on May 22, 2025 as Document No. A786585, as further amended by that certain Second Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated September 4, 2025, and recorded in the Office of the County Recorder in and for Carver County, Minnesota on September 5, 2025 as Document No. A790584, and as further amended by that certain Third Amendment to Avienda Declaration of Reciprocal Easements and Operating Agreement dated of even date herewith and recorded in the Office of the County Recorder in and for Carver County, Minnesota (collectively, the “Declaration”). The City shall provide any notice required under Section 5 of this Agreement to the Operator in addition to Owner. 5. TERMINATION OF AGREEMENT. If the City determines, in its reasonable discretion, that some or all of the Improvements unreasonably interfere with the City’s right to occupy and use the Easement Areas for drainage or utility purposes, the City will give the then owner of the Subject Property notice of the interference and Owner shall have thirty (30) days to remedy the unreasonable interference; provided, however, that if the interference is of a nature that it cannot reasonably be remedied within such thirty (30) day period, Owner shall have such additional time as is reasonably necessary provided that Owner commences to remedy the interference during such thirty (30) day period and thereafter diligently pursues the remedy to completion. If Owner fails to remedy the interference, the City may terminate this Agreement, in whole or in part, at any time upon ten (10) days’ prior written notice to Owner. Promptly after receipt of any written notice of termination, Owner shall remove the Improvements, as applicable to the extent it impacts the Easement Areas. If Owner fails to remove the Improvements, as applicable, within said 30-day period, the City may remove the same and Owner shall be responsible for reimbursement of the reasonable and actual out-of-pocket costs incurred by the City in connection therewith. 90 215387v2 Alternatively, the City may require temporary removal of the Improvements, at the Owner’s expense, at any time by giving the then owner of the Subject Property one hundred twenty (120) days’ advance written notice, except that no notice period will be required in the case of an emergency condition as determined solely by the City. If the Owner fails to remove the Improvements as directed, the City may remove the same and the Owner shall be responsible for reimbursement of the reasonable and actual out-of-pocket costs incurred by the City in connection therewith. 5. RECORDING. This Agreement shall run with the land and shall be recorded against the title to the Subject Property. [Remainder of page intentionally left blank.] [Signature pages to follow.] 91 215387v2 CITY OF CHANHASSEN By ___________________________________ (SEAL) Elise Ryan, Mayor And __________________________________ Laurie Hokkanen, City Manager STATE OF MINNESOTA ) )ss. COUNTY OF CARVER ) The foregoing instrument was acknowledged before me this _______ day of October, 2025, by Elise Ryan and by Laurie Hokkanen, respectively the Mayor and City Manager of the City of Chanhassen, a Minnesota municipal corporation, on behalf of the corporation and pursuant to the authority granted by its City Council. ____________________________________ Notary Public 92 215387v2 AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company By: Avienda Apartments Venture, LLC, a Delaware limited liability company Its: Sole Member By: IDP Avienda, LLC, a Minnesota limited liability company Its: Managing Member By: Anne Behrendt Its: Authorized Signer STATE OF MINNESOTA ) )ss. COUNTY OF HENNEPIN ) The foregoing instrument was acknowledged before me this ______ day of October, 2025, by Anne Behrendt, as Authorized Signer of IDP Avienda, LLC, a Minnesota limited liability company, as Managing Member of Avienda Apartments Venture, LLC, a Delaware limited liability company, as Sole Member of AVIENDA APARTMENTS OWNER, LLC, a Delaware limited liability company, on behalf of the entity. ___________________________________ Notary Public DRAFTED BY: CAMPBELL KNUTSON, Professional Association Grand Oak Office Center I 860 Blue Gentian Road, Suite 290 Eagan, Minnesota 55121 Telephone: (651) 452-5000 AMP 93 237546v2 EXHIBIT “A” Page 1 of 2 Encroachment Area 94 237546v2 Page 2 of 2 95